Smart Thermostats Market Opportunities 2031
Smart thermostats are electronic devices which are being used along with home automation for monitoring the household's heating and/or air conditioning. The functions of smart thermostats are similar to Programmable thermostat which permit the user to control the home temperature throughout the day by scheduling the setting of the thermostats with different temperature at day and night. Some of the major drivers which strengthen the demand of smart thermostats in the market are the boosting demand for energy-efficient devices, and configurable and programmable thermostat.
MARKET SCOPE
The "Global Smart Thermostats Market Analysis to 2031" is a specialized and in-depth study with a special focus on the global market trend analysis. The report aims to provide an overview of the smart thermostats market with detailed market segmentation by network technology, product type, verticals, and geography. The report provides key statistics on the market status of the leading smart thermostats market players and offers key trends and opportunities in the market.
MARKET SEGMENTATION
- Based on network technology, the global smart thermostats market is segmented into wireless network and wired networking.
- On the basis of product type, the market is segmented into connected smart thermostat and standalone smart thermostat.
- Based on verticals, the market is segmented into residential commercial, and industrial.
MARKET DYNAMICS
Drivers:
- The mounting technological advancement, the rising demand of smart homes, and self-learning automated devices are creating various opportunities which will increase the demand of smart thermostats in the forecast period.
Restraints:
- The incompatibility concerns in wireless networks and false trigging of switches by sensors are some of the factors which may hamper the smart thermostats market.
REGIONAL FRAMEWORK
The report provides a detailed overview of the industry including both qualitative and quantitative information. It provides an overview and forecast of the global market based on various segments. It also provides market size and forecast estimates from the year 2021 to 2031 with respect to five major regions, namely; North America, Europe, Asia-Pacific (APAC), the Middle East and Africa (MEA), and South America. The smart thermostats market by each region is later sub-segmented by respective countries and segments. The report covers the analysis and forecast of 18 countries globally along with the current trend and opportunities prevailing in the region.
The report analyzes factors affecting the market from both demand and supply side and further evaluates market dynamics affecting the market during the forecast period i.e., drivers, restraints, opportunities, and future trend. The report also provides exhaustive PEST analysis for all five regions namely; North America, Europe, APAC, MEA, and South America after evaluating political, economic, social and technological factors affecting the smart thermostats market in these regions.
IMPACT OF COVID-19 ON SMART THERMOSTATS MARKET
COVID-19 first began in Wuhan (China) during December 2019 and since then it has spread at a fast pace across the globe. The US, India, Brazil, Russia, France, the UK, Turkey, Italy, and Spain are some of the worst affected countries in terms confirmed cases and reported deaths. The COVID-19 has been affecting economies and industries in various countries due to lockdowns, travel bans, and business shutdowns. Shutdown of various plants and factories has affected the global supply chains and negatively impacted the manufacturing, delivery schedules, and sales of products in global market. Few companies have already announced possible delays in product deliveries and slump in future sales of their products. In addition to this, the global travel bans imposed by countries in Europe, Asia-Pacific, and North America are affecting the business collaborations and partnerships opportunities.
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- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
- Request discounts available for Start-Ups & Universities
The report provides a detailed overview of the industry including both qualitative and quantitative information. It provides an overview and forecast of the global market based on various segments. It also provides market size and forecast estimates from the year 2021 to 2031 with respect to five major regions, namely; North America, Europe, Asia-Pacific (APAC), the Middle East and Africa (MEA), and South America. The smart thermostats market by each region is later sub-segmented by respective countries and segments. The report covers the analysis and forecast of 18 countries globally along with the current trend and opportunities prevailing in the region.
The report analyzes factors affecting the market from both demand and supply side and further evaluates market dynamics affecting the market during the forecast period i.e., drivers, restraints, opportunities, and future trend. The report also provides exhaustive PEST analysis for all five regions namely; North America, Europe, APAC, MEA, and South America after evaluating political, economic, social and technological factors affecting the smart thermostats market in these regions.
IMPACT OF COVID-19 ON SMART THERMOSTATS MARKET
COVID-19 first began in Wuhan (China) during December 2019 and since then it has spread at a fast pace across the globe. The US, India, Brazil, Russia, France, the UK, Turkey, Italy, and Spain are some of the worst affected countries in terms confirmed cases and reported deaths. The COVID-19 has been affecting economies and industries in various countries due to lockdowns, travel bans, and business shutdowns. Shutdown of various plants and factories has affected the global supply chains and negatively impacted the manufacturing, delivery schedules, and sales of products in global market. Few companies have already announced possible delays in product deliveries and slump in future sales of their products. In addition to this, the global travel bans imposed by countries in Europe, Asia-Pacific, and North America are affecting the business collaborations and partnerships opportunities.
MARKET PLAYERS
The report covers key developments in the smart thermostats market as organic and inorganic growth strategies. Various companies are focusing on organic growth strategies such as product launches, product approvals and others such as patents and events. Inorganic growth strategies activities witnessed in the market were acquisitions, and partnership & collaborations. These activities have paved way for the expansion of business and customer base of market players. The market players from smart thermostats market are anticipated to lucrative growth opportunities in the future with the rising demand in the global market.
The report also includes the profiles of key companies along with their SWOT analysis and market strategies in the smart thermostats market. In addition, the report focuses on leading industry players with information such as company profiles, components, and services offered, financial information of the last 3 years, the key development in the past five years.
- Carrier
- Snap One, LLC
- Ecobee
- Emerson Electric Co.
- Honeywell International Inc.
- Johnson Controls
- Pro1iaq
- Schneider Electric
- tado GmbH
- Trane Technologies plc
The Insight Partner's dedicated research and analysis team consist of experienced professionals with advanced statistical expertise and offer various customization options in the existing study.
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
- Request discounts available for Start-Ups & Universities
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
This text is related
to segments covered.
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
This text is related
to country scope.
1. INTRODUCTION
1.1. SCOPE OF THE STUDY
1.2. THE INSIGHT PARTNERS RESEARCH REPORT GUIDANCE
1.3. MARKET SEGMENTATION
1.3.1 Smart Thermostats Market - By Network Technology
1.3.2 Smart Thermostats Market - By Product Type
1.3.3 Smart Thermostats Market - By Verticals
1.3.4 Smart Thermostats Market - By Region
1.3.4.1 By Country
2. KEY TAKEAWAYS
3. RESEARCH METHODOLOGY
4. SMART THERMOSTATS MARKET LANDSCAPE
4.1. OVERVIEW
4.2. PORTER'S FIVE FORCES ANALYSIS
4.2.1 Bargaining Power of Buyers
4.2.1 Bargaining Power of Suppliers
4.2.1 Threat of Substitute
4.2.1 Threat of New Entrants
4.2.1 Competitive Rivalry
4.3. ECOSYSTEM ANALYSIS
4.4. EXPERT OPINIONS
5. SMART THERMOSTATS MARKET - KEY MARKET DYNAMICS
5.1. KEY MARKET DRIVERS
5.2. KEY MARKET RESTRAINTS
5.3. KEY MARKET OPPORTUNITIES
5.4. FUTURE TRENDS
5.5. IMPACT ANALYSIS OF DRIVERS AND RESTRAINTS
6. SMART THERMOSTATS MARKET - GLOBAL MARKET ANALYSIS
6.1. SMART THERMOSTATS - GLOBAL MARKET OVERVIEW
6.2. SMART THERMOSTATS - GLOBAL MARKET AND FORECAST TO 2028
6.3. MARKET POSITIONING/MARKET SHARE
7. SMART THERMOSTATS MARKET - REVENUE AND FORECASTS TO 2028 - NETWORK TECHNOLOGY
7.1. OVERVIEW
7.2. NETWORK TECHNOLOGY MARKET FORECASTS AND ANALYSIS
7.3. WIRELESS
7.3.1. Overview
7.3.2. Wireless Market Forecast and Analysis
7.4. WIRED
7.4.1. Overview
7.4.2. Wired Market Forecast and Analysis
8. SMART THERMOSTATS MARKET - REVENUE AND FORECASTS TO 2028 - PRODUCT TYPE
8.1. OVERVIEW
8.2. PRODUCT TYPE MARKET FORECASTS AND ANALYSIS
8.3. CONNECTED SMART THERMOSTAT
8.3.1. Overview
8.3.2. Connected Smart Thermostat Market Forecast and Analysis
8.4. STANDALONE SMART THERMOSTAT
8.4.1. Overview
8.4.2. Standalone Smart Thermostat Market Forecast and Analysis
9. SMART THERMOSTATS MARKET - REVENUE AND FORECASTS TO 2028 - VERTICALS
9.1. OVERVIEW
9.2. VERTICALS MARKET FORECASTS AND ANALYSIS
9.3. RESIDENTIAL
9.3.1. Overview
9.3.2. Residential Market Forecast and Analysis
9.4. COMMERCIAL
9.4.1. Overview
9.4.2. Commercial Market Forecast and Analysis
9.5. INDUSTRIAL
9.5.1. Overview
9.5.2. Industrial Market Forecast and Analysis
10. SMART THERMOSTATS MARKET REVENUE AND FORECASTS TO 2028 - GEOGRAPHICAL ANALYSIS
10.1. NORTH AMERICA
10.1.1 North America Smart Thermostats Market Overview
10.1.2 North America Smart Thermostats Market Forecasts and Analysis
10.1.3 North America Smart Thermostats Market Forecasts and Analysis - By Network Technology
10.1.4 North America Smart Thermostats Market Forecasts and Analysis - By Product Type
10.1.5 North America Smart Thermostats Market Forecasts and Analysis - By Verticals
10.1.6 North America Smart Thermostats Market Forecasts and Analysis - By Countries
10.1.6.1 United States Smart Thermostats Market
10.1.6.1.1 United States Smart Thermostats Market by Network Technology
10.1.6.1.2 United States Smart Thermostats Market by Product Type
10.1.6.1.3 United States Smart Thermostats Market by Verticals
10.1.6.2 Canada Smart Thermostats Market
10.1.6.2.1 Canada Smart Thermostats Market by Network Technology
10.1.6.2.2 Canada Smart Thermostats Market by Product Type
10.1.6.2.3 Canada Smart Thermostats Market by Verticals
10.1.6.3 Mexico Smart Thermostats Market
10.1.6.3.1 Mexico Smart Thermostats Market by Network Technology
10.1.6.3.2 Mexico Smart Thermostats Market by Product Type
10.1.6.3.3 Mexico Smart Thermostats Market by Verticals
10.2. EUROPE
10.2.1 Europe Smart Thermostats Market Overview
10.2.2 Europe Smart Thermostats Market Forecasts and Analysis
10.2.3 Europe Smart Thermostats Market Forecasts and Analysis - By Network Technology
10.2.4 Europe Smart Thermostats Market Forecasts and Analysis - By Product Type
10.2.5 Europe Smart Thermostats Market Forecasts and Analysis - By Verticals
10.2.6 Europe Smart Thermostats Market Forecasts and Analysis - By Countries
10.2.6.1 Germany Smart Thermostats Market
10.2.6.1.1 Germany Smart Thermostats Market by Network Technology
10.2.6.1.2 Germany Smart Thermostats Market by Product Type
10.2.6.1.3 Germany Smart Thermostats Market by Verticals
10.2.6.2 France Smart Thermostats Market
10.2.6.2.1 France Smart Thermostats Market by Network Technology
10.2.6.2.2 France Smart Thermostats Market by Product Type
10.2.6.2.3 France Smart Thermostats Market by Verticals
10.2.6.3 Italy Smart Thermostats Market
10.2.6.3.1 Italy Smart Thermostats Market by Network Technology
10.2.6.3.2 Italy Smart Thermostats Market by Product Type
10.2.6.3.3 Italy Smart Thermostats Market by Verticals
10.2.6.4 United Kingdom Smart Thermostats Market
10.2.6.4.1 United Kingdom Smart Thermostats Market by Network Technology
10.2.6.4.2 United Kingdom Smart Thermostats Market by Product Type
10.2.6.4.3 United Kingdom Smart Thermostats Market by Verticals
10.2.6.5 Russia Smart Thermostats Market
10.2.6.5.1 Russia Smart Thermostats Market by Network Technology
10.2.6.5.2 Russia Smart Thermostats Market by Product Type
10.2.6.5.3 Russia Smart Thermostats Market by Verticals
10.2.6.6 Rest of Europe Smart Thermostats Market
10.2.6.6.1 Rest of Europe Smart Thermostats Market by Network Technology
10.2.6.6.2 Rest of Europe Smart Thermostats Market by Product Type
10.2.6.6.3 Rest of Europe Smart Thermostats Market by Verticals
10.3. ASIA-PACIFIC
10.3.1 Asia-Pacific Smart Thermostats Market Overview
10.3.2 Asia-Pacific Smart Thermostats Market Forecasts and Analysis
10.3.3 Asia-Pacific Smart Thermostats Market Forecasts and Analysis - By Network Technology
10.3.4 Asia-Pacific Smart Thermostats Market Forecasts and Analysis - By Product Type
10.3.5 Asia-Pacific Smart Thermostats Market Forecasts and Analysis - By Verticals
10.3.6 Asia-Pacific Smart Thermostats Market Forecasts and Analysis - By Countries
10.3.6.1 Australia Smart Thermostats Market
10.3.6.1.1 Australia Smart Thermostats Market by Network Technology
10.3.6.1.2 Australia Smart Thermostats Market by Product Type
10.3.6.1.3 Australia Smart Thermostats Market by Verticals
10.3.6.2 China Smart Thermostats Market
10.3.6.2.1 China Smart Thermostats Market by Network Technology
10.3.6.2.2 China Smart Thermostats Market by Product Type
10.3.6.2.3 China Smart Thermostats Market by Verticals
10.3.6.3 India Smart Thermostats Market
10.3.6.3.1 India Smart Thermostats Market by Network Technology
10.3.6.3.2 India Smart Thermostats Market by Product Type
10.3.6.3.3 India Smart Thermostats Market by Verticals
10.3.6.4 Japan Smart Thermostats Market
10.3.6.4.1 Japan Smart Thermostats Market by Network Technology
10.3.6.4.2 Japan Smart Thermostats Market by Product Type
10.3.6.4.3 Japan Smart Thermostats Market by Verticals
10.3.6.5 South Korea Smart Thermostats Market
10.3.6.5.1 South Korea Smart Thermostats Market by Network Technology
10.3.6.5.2 South Korea Smart Thermostats Market by Product Type
10.3.6.5.3 South Korea Smart Thermostats Market by Verticals
10.3.6.6 Rest of Asia-Pacific Smart Thermostats Market
10.3.6.6.1 Rest of Asia-Pacific Smart Thermostats Market by Network Technology
10.3.6.6.2 Rest of Asia-Pacific Smart Thermostats Market by Product Type
10.3.6.6.3 Rest of Asia-Pacific Smart Thermostats Market by Verticals
10.4. MIDDLE EAST AND AFRICA
10.4.1 Middle East and Africa Smart Thermostats Market Overview
10.4.2 Middle East and Africa Smart Thermostats Market Forecasts and Analysis
10.4.3 Middle East and Africa Smart Thermostats Market Forecasts and Analysis - By Network Technology
10.4.4 Middle East and Africa Smart Thermostats Market Forecasts and Analysis - By Product Type
10.4.5 Middle East and Africa Smart Thermostats Market Forecasts and Analysis - By Verticals
10.4.6 Middle East and Africa Smart Thermostats Market Forecasts and Analysis - By Countries
10.4.6.1 South Africa Smart Thermostats Market
10.4.6.1.1 South Africa Smart Thermostats Market by Network Technology
10.4.6.1.2 South Africa Smart Thermostats Market by Product Type
10.4.6.1.3 South Africa Smart Thermostats Market by Verticals
10.4.6.2 Saudi Arabia Smart Thermostats Market
10.4.6.2.1 Saudi Arabia Smart Thermostats Market by Network Technology
10.4.6.2.2 Saudi Arabia Smart Thermostats Market by Product Type
10.4.6.2.3 Saudi Arabia Smart Thermostats Market by Verticals
10.4.6.3 U.A.E Smart Thermostats Market
10.4.6.3.1 U.A.E Smart Thermostats Market by Network Technology
10.4.6.3.2 U.A.E Smart Thermostats Market by Product Type
10.4.6.3.3 U.A.E Smart Thermostats Market by Verticals
10.4.6.4 Rest of Middle East and Africa Smart Thermostats Market
10.4.6.4.1 Rest of Middle East and Africa Smart Thermostats Market by Network Technology
10.4.6.4.2 Rest of Middle East and Africa Smart Thermostats Market by Product Type
10.4.6.4.3 Rest of Middle East and Africa Smart Thermostats Market by Verticals
10.5. SOUTH AND CENTRAL AMERICA
10.5.1 South and Central America Smart Thermostats Market Overview
10.5.2 South and Central America Smart Thermostats Market Forecasts and Analysis
10.5.3 South and Central America Smart Thermostats Market Forecasts and Analysis - By Network Technology
10.5.4 South and Central America Smart Thermostats Market Forecasts and Analysis - By Product Type
10.5.5 South and Central America Smart Thermostats Market Forecasts and Analysis - By Verticals
10.5.6 South and Central America Smart Thermostats Market Forecasts and Analysis - By Countries
10.5.6.1 Brazil Smart Thermostats Market
10.5.6.1.1 Brazil Smart Thermostats Market by Network Technology
10.5.6.1.2 Brazil Smart Thermostats Market by Product Type
10.5.6.1.3 Brazil Smart Thermostats Market by Verticals
10.5.6.2 Argentina Smart Thermostats Market
10.5.6.2.1 Argentina Smart Thermostats Market by Network Technology
10.5.6.2.2 Argentina Smart Thermostats Market by Product Type
10.5.6.2.3 Argentina Smart Thermostats Market by Verticals
10.5.6.3 Rest of South and Central America Smart Thermostats Market
10.5.6.3.1 Rest of South and Central America Smart Thermostats Market by Network Technology
10.5.6.3.2 Rest of South and Central America Smart Thermostats Market by Product Type
10.5.6.3.3 Rest of South and Central America Smart Thermostats Market by Verticals
11. INDUSTRY LANDSCAPE
11.1. MERGERS AND ACQUISITIONS
11.2. AGREEMENTS, COLLABORATIONS AND JOIN VENTURES
11.3. NEW PRODUCT LAUNCHES
11.4. EXPANSIONS AND OTHER STRATEGIC DEVELOPMENTS
12. SMART THERMOSTATS MARKET, KEY COMPANY PROFILES
12.1. CARRIER
12.1.1. Key Facts
12.1.2. Business Description
12.1.3. Products and Services
12.1.4. Financial Overview
12.1.5. SWOT Analysis
12.1.6. Key Developments
12.2. SNAP ONE, LLC
12.2.1. Key Facts
12.2.2. Business Description
12.2.3. Products and Services
12.2.4. Financial Overview
12.2.5. SWOT Analysis
12.2.6. Key Developments
12.3. ECOBEE
12.3.1. Key Facts
12.3.2. Business Description
12.3.3. Products and Services
12.3.4. Financial Overview
12.3.5. SWOT Analysis
12.3.6. Key Developments
12.4. EMERSON ELECTRIC CO.
12.4.1. Key Facts
12.4.2. Business Description
12.4.3. Products and Services
12.4.4. Financial Overview
12.4.5. SWOT Analysis
12.4.6. Key Developments
12.5. HONEYWELL INTERNATIONAL INC.
12.5.1. Key Facts
12.5.2. Business Description
12.5.3. Products and Services
12.5.4. Financial Overview
12.5.5. SWOT Analysis
12.5.6. Key Developments
12.6. JOHNSON CONTROLS
12.6.1. Key Facts
12.6.2. Business Description
12.6.3. Products and Services
12.6.4. Financial Overview
12.6.5. SWOT Analysis
12.6.6. Key Developments
12.7. PRO1IAQ
12.7.1. Key Facts
12.7.2. Business Description
12.7.3. Products and Services
12.7.4. Financial Overview
12.7.5. SWOT Analysis
12.7.6. Key Developments
12.8. SCHNEIDER ELECTRIC
12.8.1. Key Facts
12.8.2. Business Description
12.8.3. Products and Services
12.8.4. Financial Overview
12.8.5. SWOT Analysis
12.8.6. Key Developments
12.9. TADO GMBH
12.9.1. Key Facts
12.9.2. Business Description
12.9.3. Products and Services
12.9.4. Financial Overview
12.9.5. SWOT Analysis
12.9.6. Key Developments
12.10. TRANE TECHNOLOGIES PLC
12.10.1. Key Facts
12.10.2. Business Description
12.10.3. Products and Services
12.10.4. Financial Overview
12.10.5. SWOT Analysis
12.10.6. Key Developments
13. APPENDIX
13.1. ABOUT THE INSIGHT PARTNERS
13.2. GLOSSARY OF TERMS
1. Carrier
2. Snap One, LLC
3. ecobee
4. Emerson Electric Co.
5. Honeywell International Inc.
6. Johnson Controls
7. Pro1iaq
8. Schneider Electric
9. tado GmbH
10. Trane Technologies plc
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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